Is success of a business based more on the decisions or the idea?
I recently attended an event where one of the speakers talked about the large number of businesses that fail. She said that most business failures are less about the idea and more about the poor decisions made. I am curious if others agree with this. I think decisions are important, but also having the right idea is critical to success.
Great discussion and answers here. Ideas + decision + people skills is the trinity. Have known people with great ideas, but their poor people skills scuppered them before they started. You can have a great idea and make the correct decision on how to bring it to market and still fail. Because of poor people skills, you don't build the right team, fail to persuade people to invest, rub retailers the wrong way ...etc.. For me it is the trinity of Ideas + good decision making + people skills = Success.
The best ideas are not bringing any success if the decisions are wrong - see all those fantasic ideas inventors, creators, people have, but never take off.
Why is it that some companies are worldwide successful with mediocre products while the ones with the better product go bankrupt, even if they sell for a lower price?
Because they took the right decisions!
Logically in the best case both comes together - but there aren't many Steve Jobs' and Zuckerberg's (And please note - the Tablet was't invented by Apple nor was the 'Social Network' created by Zuckerberg - but they took it big - with the right decissions ! , purposeful, consistent, determined, reckless and without mercy)
Decision and idea both separate entity in business plays vital and unique role at different-different level and sure thing is that both are connected to each other. lets take example everything is energy you cannot stop energy it always take or acquire new identity or it will take new space. same is in business you cannot stop anything, if you stop anything without giving any new direction or space, the place where you stopped would be spoiled and some type of mutiny would began. you always have to be with new or unique or way or space whether it is matter of people management or thing management or anything.
Managing any thing involves decision and if you want to make any decision you must always have to be with idea so that your decision become driver of your desired output.
Good idea are needed in making decision so that your decision become good decision.
Good decision would let you to success.
Any Business that thrives to be successful needs to be sustainable in first place. And thinking sustainability comes from innovative thinking. However, only great ideas can never make it to the ground unless empowered by firm resolutions. So, one-line answer to your question would be - Business growth is the result of Innovative Ideas put to work with Strategic Decisions, I believe!
From my experience Businss success is not about what you do it is how you do it, the sales, marketing, leadership, teaming, distribution channels, etc.
I've seen many smart and creative ideas fail because of poor decisions been made. For me business is a combination of all the major aspects good idea and decisions are part of 'em. But as a Strategic planner & Marketer I believe that good decision comes first, cause the right decision in the right direction based on the right information can lead even a weak idea to the right direction shaping it amazingly and got prospects convinced.
Success in business is about reaching your goals. Therefore every decision you make must be aligned to achieving your business goals. Ideas alone will not create success. The decisions you make and the actions you take will either lead you closer to or further from those goals.
Ideas don't fail and neither do people (unless they think in terms of success and failure). Every decision we take creates consequences, even decisions to do nothing, which may create opportunity costs. If you view life (including business) as an exercise in cause and effect, what others see as failure will not have toxic emotional effects on you. One of the great things about the US (and I immigrated here so have seen a contrasting national attitude), is the encouragement here to push the envelope and try new things. There's a phrase often used in the tech community "failing forward", meaning that if you're not comfortable with the effect you create being different from what you hope for (aka "failure") you might as well go back to the day job, because great things come from those with the courage to experience enough contrast until they they see clearly what will work. Ideas are like belly-buttons, everyone has one. But it's the people with passion, courage and persistence who succeed in the end. Sadly, most people are governed by fear, and never see their dream through to fruition.
Determination! Ideas are great, decisions are important and a thick skin is a necessity. But when that phone doesn't ring, or nobody will take your call, or nobody will enter your store it will be your determination and self-belief which will keep you going with trying new strategies to win clients.
Think in terms of this progression...an idea must lead to a viable opportunity to create value, which in turn requires developing a business model to exploit the opportunity. You validate the viability / scalability of your business model through a series of incremental interactions and commitments to test various assumptions you've made about the market, value proposition, revenue model, and resources and partners required to successfully execute the business model. Executing the business model is when you actually become a "venture." So the idea is the kernel / inspiration of a potential opportunity, and you can make a lot of meaningless or potentially fatal premature "decisions" if you don't understand and embrace the progression from idea to execution. Good luck!
Diplomatic answer is, both are equally important. But my personal opinion and belief (based on experience working with global businesses) is, every idea is a good idea but in order to succeed operations decisions are key element. Apple is biggest example. Without Steve's decision of staying rooted to Mac OS, or iOS or iPod (where there were many lusty commercial ideas around), Apple wound't have became what it is now. It was the decision to SAY NO to other worthy ideas.
I think so both are important but both are different things,business success based on following points:
2)Good business plan (with time and decisions)
3)Owner skill with piece of time
I haven't read all the answers so perhaps this is a repeat but I believe that it starts with a great idea followed by a valiant effort to see it through. Many who start a business fail because they give up to quickly when the going gets tough. It's not always going to be smooth sailing and those that are aware of it, adapt and persist through the inevitable bumps in the road will ultimately become the most successful.
Decisions are important, ideas are important. It's the quality of the questions you ask that help bring focus to the business.
How could this great idea help me grow my business? What steps do I need take to implement this idea? How long will this process take?
Once you've asked these questions and others then decisions need to be made to move the plan forward. Critical path decisions made in a timely manner are critical to success. That said mistakes are made. Learning from these leads to greater clarity! And an opportunity to make new and better mistakes! Keep learning, asking questions & stay positive!
Good question, but rather easily answered. I know idea is the basis for all business. Isn't it? Your thoughts your dreams, your passionate drive that is the business. The decisions we make is the implantation, of that business wouldn't you say? Our decisions are directly responsible for the direction our businesses take, good or bad. But all still comes back to the main idea, thought. That is why you chose the business correct?
We all have ideas and if you need more, call up for a meeting and you will get more ideas than you can handle. So if ‘only’ ideas are going to make a person or a company successful, then all we have to do is to spend the entire day in meetings, generating ideas. But is this the case? Think about it and you will agree that ideas are worth nothing unless executed. Also when your idea (after execution) becomes a solid business venture, you can be sure that someone will copy it and become your competition! So which is important?
I for one feel that to be successful, we have to generate new ideas, execute the most appropriate one, carry out the needed course correction and keep moving our merry way. Hence it is the IDEA, followed by DECISION MAKING (which idea to be implemented and what course corrections are needed), and EXECUTION that makes a company great. All 3 put together and one without the other is meaningless. Bottom Line: Focus should be on execution of your great idea and deciding on what will make your work better than anyone else on this planet. Hope this helps.
Success is 100% based on your mindset, and the decisions you make about your business. Remember, actions require decisions first. I hate to say it but there are a ton of business owners who have great products and failing businesses. The decisions you make to be an entrepreneur, align yourself with the right resources, learn what you need to know, and create a valuable customer experience are all based on decisions before you create the actions. It is sad to say. Does this help? BTW, love your name!
It`s all about the decisions you make and that includes the great Idea you have !! Decisions are the action taking part of your business !!!
The contribution / degree may vary; but both - decision as well as idea are important for business success. A brilliant idea is likely to get lost with no decision...and what decision one can take with no worthwhile idea.
But, it is a fact that many great ideas have gone down the drain with no or poor decisions. So, you can say that decision is MORE important than an idea.
Big ideas don't drive business success. Sound business decisions and good operations drive business success. Great ideas come and go but a business where decisions are made and implemented consistently will always trump a great idea. Jim Collins has some excellent books on this topic.